Investor confidence has propelled stocks higher throughout the current year, despite lingering concerns about the broader economic landscape. Key players of 2023 stock market performance are healthcare stocks with distinctive catalysts, as well as companies entrenched in the domain of artificial intelligence technology.
A compilation of the top-performing stocks for 2023 encompasses those traded on major U.S. exchanges, possessing market capitalizations that exceed $1 billion.
Below is a list of the 10 most remarkable stocks based on total returns, inclusive of dividends, up to July 31.
1. Carvana Co. (CVNA)
Carvana operates as an online platform for the sale of used cars, streamlining the process by facilitating home deliveries for buyers. In a reiteration of the 2021 phenomenon when Reddit traders triggered soaring prices for struggling meme stocks like GameStop Corp. (GME) and AMC Entertainment Holdings Inc. (AMC), social media traders have rallied once more around Carvana in 2023. This has sparked a short squeeze in the stock, disregarding its less-than-stellar business performance.
Despite a 24% revenue plunge, a 35% reduction in retail units sold, and a net loss of $105 million in Q2, Carvana’s year-to-date gain of 869.4% is undeniably remarkable.
2. MoonLake Immunotherapeutics (MLTX)
Functioning as a clinical-stage biotechnology firm, MoonLake Immunotherapeutics is engrossed in the exploration of nanobody sonelokimab to tackle inflammatory diseases.
The company’s shares witnessed an impressive upswing of approximately 100% in a mere four days during late June, propelled by affirmative mid-stage trial outcomes for sonelokimab in patients grappling with moderate to severe hidradenitis suppurativa.
Subsequently, in July, reports emerged indicating MoonLake’s deliberations on a potential sale to interested pharmaceutical companies. With a year-to-date surge of 479.1%, Wall Street has held high expectations for both the drug and the stock.
3. IonQ Inc. (IONQ)
At the forefront of quantum computing technology is IonQ, which is in the process of developing and producing this cutting-edge technology. Leveraging the principles of quantum mechanics, quantum computers possess the capability to solve intricate problems and execute operations that are beyond the capacity of classical computers.
Zion Market Research forecasts a 31% annual growth for the global quantum computing market, anticipating it to reach $5.27 billion by 2030. This promising trajectory has contributed to the enthusiasm exhibited by investors in IonQ. Bolstering this sentiment, the company reported a striking 115% year-over-year revenue growth in Q1.
With the achievement of its fiscal 2023 technical performance target of 29 algorithmic qubits ahead of schedule, IonQ’s shares have surged by 458% year-to-date.
4. Riot Platforms Inc. (RIOT)
Riot Platforms specializes in Bitcoin mining operations. Following the slump experienced by cryptocurrency-related stocks during the “crypto winter” of 2022, the resurgence of Bitcoin prices in 2023, rising by 75%, has revived the sector.
RIOT reported a record production of 2,115 BTC in Q1 and currently holds over 7,100 BTC in its reserves. With a deployed fleet of 94,176 Bitcoin miners boasting a hash rate capacity of 10.5 exahash per second, the company has recorded a substantial 446.3% surge in its stock price during 2023.
5. Symbotic Inc. (SYM)
A standout in supply chain automation and optimization through AI technology, Symbotic caters to clients including Walmart Inc. (WMT), Albertsons Cos. Inc. (ACI), and C&S Wholesale Grocers LLC.
Impressively, the company documented a 77% growth in revenue during the fiscal third quarter. This period also saw Symbotic generate record operating margins. The incorporation of its GreenBox joint venture not only doubles its addressable market but also contributes to an order backlog amounting to $23 billion.
Riding the wave of AI enthusiasm on Wall Street, Symbotic has garnered a 432.2% year-to-date increase in its stock price.
6. Upstart Holdings Inc. (UPST)
Operating as an online lending marketplace specializing in personal loans, Upstart’s journey as a publicly traded entity has been marked by substantial volatility.
After an initial public offering price of $20 per share in December 2020, the stock witnessed significant fluctuations, reaching as high as $401 before retracing to approximately $12.
Despite reporting a 67% year-over-year decline in revenue and a $132 million net loss in Q1 2023, investors rallied around the heavily shorted company, initiating a short squeeze in the same year. As a result, UPST stock has surged by 419.6%.
7. Marathon Digital Holdings Inc. (MARA)
One of North America’s leading Bitcoin (BTC) miners, Marathon Digital Holdings has substantially benefited from the resurgence in the crypto market during the current year.
The company reported a net loss of $7.2 million in Q1, offset by a 74% year-over-year increase in Bitcoin production. This period also saw significant improvements in cash position, debt reduction, and an augmentation of Bitcoin holdings.
Reflecting the heightened profitability of Bitcoin mining in 2023 compared to 2022, Marathon’s stock price has appreciated by 407.9%.
8. BridgeBio Pharma Inc. (BBIO)
With a focus on treating genetic diseases and cancers driven by single genetic factors, BridgeBio Pharma occupies a pivotal role in biopharmaceutical endeavors. A surge exceeding 60% in early March followed the positive results emanating from the company’s phase 2 clinical trials of infigratinib, a treatment for children afflicted with achondroplasia.
Another substantial boost was triggered by the positive phase 3 data unveiled in July regarding clinical trials of acoramidis for the treatment of transthyretin amyloid cardiomyopathy. Bolstered by a market capitalization of $5.5 billion, BridgeBio’s shares have surged by 359.4% in 2023.
9. Opendoor Technologies Inc. (OPEN)
Operating a digital real estate platform that facilitates home buying services and financing, Opendoor Technologies faced setbacks in 2022 as the Fed’s aggressive interest rate hikes in response to inflation impacted mortgage rates and subsequently the housing market.
Recent economic data has indicated progress in the Fed’s quest to manage inflation, resulting in renewed interest from long-term investors in Opendoor. Its integration of AI and machine learning technology further burnishes its appeal, leading to a year-to-date stock price increase of 340.5%.
10. Reata Pharmaceuticals Inc. (RETA)
Reata Pharmaceuticals, a pioneering biotechnology firm focusing on treatments for rare diseases, experienced a notable surge in its share value in early March.
The catalyst for this upward trajectory was the green light given by the U.S. Food and Drug Administration (FDA) to Reata’s treatment candidate for Friedreich’s ataxia, known as Skyclarys (omaveloxolone), designed for patients aged 16 and above.
A groundbreaking achievement, Skyclarys has earned the distinction of being the sole FDA-approved drug to combat Friedreich’s ataxia, a condition affecting an estimated 5,000 individuals in the United States.
On July 28, Biogen Inc. (BIIB) disclosed its strategic move to acquire Reata Pharmaceuticals at an impressive valuation of $7.3 billion. This prospective acquisition was priced at a premium of 59% over the stock’s closing price from the previous day, making it a significant testament to Reata’s value. In the market, Reata shares have surged magnificently by 335.9% throughout the course of this year.
